Apnimed (NASDAQ:APMD) Stock Falls 7.2% - Should You Sell?

Key Points

• Apnimed shares fell 7.2% to about $20.19, with trading volume down 83% from the average session. The stock remains below its 50-day moving average of $26.60.
• Analyst sentiment remains generally positive: four analysts rate the stock a Buy and one rates it Hold, producing a “Moderate Buy” consensus and an average price target of $50.33.
• Apnimed is developing oral treatments for obstructive sleep apnea, led by investigational therapy AD109. Major shareholder Morningside Venture Investment recently bought 312,500 shares for $5 million, increasing its stake by 4.57%.

Shares of Apnimed, Inc. (NASDAQ:APMD - Get Free Report) were down 7.2% during trading on Tuesday. The stock traded as low as $20.11 and last traded at $20.19. 80,806 shares were traded during mid-day trading, a decline of 83% from the average session volume of 484,502 shares. The stock had previously closed at $21.75.

Analyst Ratings Changes

Several brokerages have issued reports on APMD. Wall Street Zen upgraded Apnimed to a "hold" rating in a research report on Saturday, August 8th. Lifesci Capital started coverage on shares of Apnimed in a report on Tuesday, August 25th. They set an "outperform" rating and a $50.00 price objective on the stock. Bank of America began coverage on shares of Apnimed in a report on Tuesday, August 25th. They issued a "buy" rating and a $41.00 price target on the stock. Cantor Fitzgerald started coverage on Apnimed in a research note on Tuesday, August 25th. They set an "overweight" rating and a $60.00 target price for the company. Finally, Zacks Research upgraded shares of Apnimed to a "hold" rating in a research report on Wednesday, August 26th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Apnimed has an average rating of "Moderate Buy" and a consensus price target of $50.33.

Apnimed Price Performance

The firm has a 50 day moving average of $26.60.

Apnimed (NASDAQ:APMD - Get Free Report) last posted its quarterly earnings data on Tuesday, September 8th. The company reported $0.51 EPS for the quarter. The company had revenue of $12.08 million for the quarter. Analysts anticipate that Apnimed, Inc. will post -0.24 earnings per share for the current year.

Insider Transactions at Apnimed

In related news, major shareholder Morningside Venture Investment purchased 312,500 shares of Apnimed stock in a transaction dated Monday, August 3rd. The stock was bought at an average cost of $16.00 per share, with a total value of $5,000,000.00. Following the purchase, the insider owned 7,152,713 shares in the company, valued at approximately $114,443,408. The trade was a 4.57% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Apnimed Company Profile

Apnimed is a clinical-stage pharmaceutical company focused on developing oral medicines for sleep apnea, a common sleep-related breathing disorder. The company aims to provide alternatives to mechanical treatments such as continuous positive airway pressure (CPAP) devices.

Apnimed's leading investigational product is AD109, an oral combination of atomoxetine and aroxybutynin being developed for the treatment of obstructive sleep apnea. The therapy is designed to improve upper-airway muscle activity during sleep and is being evaluated in clinical studies.

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